Appointment of trustee_Practical procedure
This query is : Resolved
06 March 2023
Good Morning!!
I want to know the practical procedure for appointment of a trustee in a Gratuity trust
I want to know the practical procedure for appointment of a trustee in a Gratuity trust
06 March 2023
Trust deed says that the employer has power to appoint the trustee. he can remove any trustee or appoint by giving notice. So under this clause we do not require to take prior approval from income tax authority. Because changing in trustee is not change in provision of trust deed and income tax prior approval require when there is change in provision of trust deed.
06 March 2023
Dear CA R Seetaraman sir,
Thank you for the reply,
As per rule 110 of Income tax rules 1962, any change in constitution prior approval of Income tax department is required.
So, if the company has the powers as per the trust instrument to appoint a trustee on retirement of another trustee, it can override the rule 110??
kindly reply stating the applicable provisions so that will be helpful for better understanding.
Thank you
Thank you for the reply,
As per rule 110 of Income tax rules 1962, any change in constitution prior approval of Income tax department is required.
So, if the company has the powers as per the trust instrument to appoint a trustee on retirement of another trustee, it can override the rule 110??
kindly reply stating the applicable provisions so that will be helpful for better understanding.
Thank you
06 March 2023
Go as per Rule 110 get it approved from income tax department.
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